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Office

140 N Federal

140 N Federal Hwy, Boca Raton, FL 33432

Listing Price: $6,240,000

Cap Rate
6.50%
Gross SF
8,010
Rentable SF
8,010
Price/Gross SF
$779.03
Lot Size
0.18 acres
Year Built
1965

Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to present for sale 140 N Federal Highway (the “Property”), a rare boutique office asset strategically located in the heart of east Boca Raton, Florida on North Federal Highway (US-1), just north of Palmetto Park Road. The Property is a two-story building, consisting of 8,010 square feet on 0.18 acres of land. The building is currently 100-percent occupied by two tenants. Synovus Bank currently occupies 72-percent of the GLA and is under lease until the end of February 2027, with two additional five-year renewal options at three percent annual increases. Weisman & Margolies is currently under lease until the end of June of 2023, with two additional three-year renewal options at two percent annual increases. 140 N Federal is located across the street from Mizner Park in downtown Boca Raton, and boasts a Walk Score of 96 (Walker’s Paradise), offering immediate access to numerous shopping centers, dining options, and the beach. It is also surrounded by affluent residential communities, with over 80,000 residents living within a three-mile radius, having an average household income of over $115,000. The Property has an abundance of parking options that include ten, wholly owned spaces behind the building; 25 spaces of metered parking directly adjacent to the building; and four, six-story, free parking garages located within immediate proximity. 140 N Federal also benefits from near immediate access to Interstate 95 via Palmetto Park Road, making it extremely accessible to the surrounding area and all of South Florida, and is also within excellent walking distance from the new Boca Raton Brightline Station that is set to open at the end of 2022. The Property continues to benefit from the growth and rejuvenation in the immediate area, including the newly constructed Residences at Mandarin Oriental that includes 92 Private Residences and 164 Hotel Suites, as well as the approved $140-million project to convert the Mizner Park Amphitheater into a performing arts center that will reinvigorate the cultural scene in the city. 140 N Federal presents the unique investment opportunity to purchase a high-quality asset, with excellent demographics and extremely high barriers-to-entry, on one of Boca Raton’s most coveted signalized intersections.

Investment Highlights

  • Ideally situated on North Federal Highway (US-1), just across the street from Mizner Park in downtown Boca Raton, offering tremendous visibility and a top-tier Walk Score of 96 (Walkers Paradise)
  • Average household incomes within a three-mile radius of the Property exceed $115,000, with a median home value of over $490,000, far exceeding the national averages.
  • Currently a 100-percent occupied, two-tenant property, it also has the potential to be a user opportunity if Weisman & Margolies does not exercise their renewal option in July of 2023.
  • The population within a 3-mile radius is expected to grow by approximately five-and-a-half percent over the next five years.

Exclusively Listed By

Listing Price: $6,240,000

Cap Rate
6.50%
Gross SF
8,010
Rentable SF
8,010
Price/Gross SF
$779.03
Lot Size
0.18 acres
Year Built
1965

Investment Highlights

  • Ideally situated on North Federal Highway (US-1), just across the street from Mizner Park in downtown Boca Raton, offering tremendous visibility and a top-tier Walk Score of 96 (Walkers Paradise)
  • Average household incomes within a three-mile radius of the Property exceed $115,000, with a median home value of over $490,000, far exceeding the national averages.
  • Currently a 100-percent occupied, two-tenant property, it also has the potential to be a user opportunity if Weisman & Margolies does not exercise their renewal option in July of 2023.
  • The population within a 3-mile radius is expected to grow by approximately five-and-a-half percent over the next five years.

Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to present for sale 140 N Federal Highway (the “Property”), a rare boutique office asset strategically located in the heart of east Boca Raton, Florida on North Federal Highway (US-1), just north of Palmetto Park Road. The Property is a two-story building, consisting of 8,010 square feet on 0.18 acres of land. The building is currently 100-percent occupied by two tenants. Synovus Bank currently occupies 72-percent of the GLA and is under lease until the end of February 2027, with two additional five-year renewal options at three percent annual increases. Weisman & Margolies is currently under lease until the end of June of 2023, with two additional three-year renewal options at two percent annual increases. 140 N Federal is located across the street from Mizner Park in downtown Boca Raton, and boasts a Walk Score of 96 (Walker’s Paradise), offering immediate access to numerous shopping centers, dining options, and the beach. It is also surrounded by affluent residential communities, with over 80,000 residents living within a three-mile radius, having an average household income of over $115,000. The Property has an abundance of parking options that include ten, wholly owned spaces behind the building; 25 spaces of metered parking directly adjacent to the building; and four, six-story, free parking garages located within immediate proximity. 140 N Federal also benefits from near immediate access to Interstate 95 via Palmetto Park Road, making it extremely accessible to the surrounding area and all of South Florida, and is also within excellent walking distance from the new Boca Raton Brightline Station that is set to open at the end of 2022. The Property continues to benefit from the growth and rejuvenation in the immediate area, including the newly constructed Residences at Mandarin Oriental that includes 92 Private Residences and 164 Hotel Suites, as well as the approved $140-million project to convert the Mizner Park Amphitheater into a performing arts center that will reinvigorate the cultural scene in the city. 140 N Federal presents the unique investment opportunity to purchase a high-quality asset, with excellent demographics and extremely high barriers-to-entry, on one of Boca Raton’s most coveted signalized intersections.

Exclusively Listed By

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